NEO (NEO) and the Storage Injection Vulnerability: Dapp Flaw Solved

Today we are able to see NEO going up with the latest market change that came as true refreshment in the last twenty-four hours, which means that the majority of coins and tokens are trading up in the green. On the side from being traded up, NEO has recently updated the public about the most recent case of vulnerability related to some NEP-5 tokens, as discovered by an audit security company, Red4Sec. That is how Neo Global Development and Red4Sec were able to discover some flaws related to smart codes in certain decentralized applications. Here is how the further development of the stated situation went from that point.

NEO and Red4Sec Discover Vulnerability in Smart Code

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As published on NEO’s official blog page yesterday, on May 19th, it was stated that with the help of an audit security company Red4Sec, NEO was able to discover that there have been some flaws related to the smart code of certain decentralized apps on NEO network.

However, what is important to stress out in this matter, is that NEO network is not affected and has not been altered by the flaw in the smart code. That being said, it was noted that only certain decentralized applications on NEO network were found to be “infected” by this flaw, where the vulnerability was discovered to be related to some NEP-5 tokens.

That means that although the general security of the network is jeopardized, the discovered flaw could still allow hackers to make changes to the storage of the affected contract codes.

The specific problem was discovered at NEP-5 tokens where a case of vulnerability has been spotted. This vulnerability could enable an attacker to manipulate the contract storage and make changes to it easily without any legal permission.

Needless to say, this case scenario would surely come as dangerous for NEO network in general.

Moreover, the attacker could also manipulate contract in a way of burning all or some tokens within the contract, which would, of course, change the number of tokens in the total supply of the manipulated contract.

But, the initial attack could only alter the showcase of the total supply, while the supply would physically remain the same – only the users wouldn’t be able to tell it. In addition to making a mess in the attacked area, the mentioned attack would also make a lot of damage that would cost a lot to get repaired, including time and resources.

In the further investigation, NEO and Red4Sec were also able to discover that only a few of Dapps were exposed to this vulnerability, but that the risk from this flaw is most certainly limited.

They have reached out to the owners of the affected apps, notifying them about the concerns from their recent discovery.

During the investigation, it was also stated that the assets of the affected Dapp owners and users of these same decentralized applications were safe, secure and intact.

NEO has confirmed at the end of the statement that NEO ecosystem is completely safe and that NEO and their team have taken all needed actions to make sure all users are safe and the vulnerabilities are removed.

NEO and the Market

NEO is currently trading up against the green as the market is turning bullish once again with the majority of digital assets going up against the dollar.

During the course of a single year, NEO has shown a pretty flattering pace of growth as it managed to go up by a total of 9100% during the last 365 days.

However, it seems that NEO didn’t do that well during the last two months as we can see it going down by -17% on the 60-day chart.

In addition to losing against the dollar during the last two months, NEO has also gone down in oppose to the dollar by -18% in the course of the last 30 days.

In the last seven days, NEO has lost -6.3% of its value, while it went over to the red zone during the course of the last two weeks as it went down against the dollar by -29%.

However, we can see it rising today, on May 20th, trading in the green and going up against the dollar by 3.42%.

IN addition to trading up against the dollar, NEO is also going up against BTC by 1%.

Following the latest change in the last 24 hours, NEO can now be traded at the price of 59.99$ per one unit.

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